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(a) Prior to the authorization of any land clearing, grading, or construction, the subdivider shall establish a performance guarantee as required by the City Engineer and as approved by the City Solicitor as to form, sufficiency and execution.
(b) The guarantee shall be a performance bond, cash escrow, certified check or other acceptable form of performance security. The amount of the guarantee shall be not less than 100% of the estimate of the cost of construction, engineering, inspection, and testing (as approved by the City Engineer) of the storm and sanitary sewers, water system, roads, street trees, sidewalks, street lighting systems and facilities and appurtenances thereto, and all other required improvements of the subdivision.
(c) The performance guarantee shall be effective for a period to be fixed by the Planning Commission, but in no case for a term of more than two years.
(d) After determination by the City Engineer that all facilities and improvements have been constructed in compliance with the approved agreements and plans, and subsequent to establishment of required maintenance guarantees and payment of all required fees, the performance guarantee shall be released.
(e) The amount of the performance guarantee may be reduced by the City Council by resolution when portions of the required improvements have been installed and improved.
(f) If the required improvements have not been installed in accordance with the performance guarantee, the obligor shall be liable thereon to the City of Norton for the cost of the improvements not installed and, upon receipt of the proceeds thereof, the City shall install such improvements.
(Ord. 2-2004. Passed 2-23-04.)